Germany-based chemicals group BASF’s corporate venturing unit has invested $5m in China Environment Fund, a China-focused clean tech fund of funds managed by Tsing Capital.
BASF Venture Capital was joined in the round by development financial institutions, family offices, multinational corporations, and Fortune 500 companies.
Johnnie Yuen, regional head at BASF Venture Capital in Asia Pacific, said: "China has a large number of highly innovative and sustainable technology companies of great strategic importance for BASF. Our participation in CEF IV enables us to set up joint activities with these companies in China. We also gain better access to technology areas of future potential and innovative chemical system solutions in the field of new materials."
Yuen added: "The performance to date and the outstanding fund management were further reasons for us to participate in CEF IV."
Tsing Capital was set up in 2001.